REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
|
FOR |
|
PENFOLD TECHNOLOGY LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
|
FOR |
|
PENFOLD TECHNOLOGY LTD |
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
PENFOLD TECHNOLOGY LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Suite 34 |
Lonsdale Gate |
Lonsdale Gardens |
Tunbridge Wells |
Kent |
TN1 1NU |
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
BALANCE SHEET |
31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Share premium | 10 |
|
|
Other reserves | 10 |
|
|
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
BALANCE SHEET - continued |
31 MARCH 2022 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
1. | STATUTORY INFORMATION |
|
Penfold Technology Ltd is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2022 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 April 2020. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation. |
|
The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date. |
|
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the income statement. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Financial instruments |
Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income. |
|
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2021 |
|
Additions |
|
At 31 March 2022 |
|
DEPRECIATION |
At 1 April 2021 |
|
Charge for year |
|
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
PENFOLD TECHNOLOGY LTD (REGISTERED NUMBER: 11385178) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
|
Additions |
|
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
|
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | 0.0001p | 24 | 18 |
|
6,021,620 Ordinary shares of 0.0001p each were allotted as fully paid
|
|
10. | RESERVES |
|
Retained earnings represents distributable reserves of accumulated profits and losses. |
|
Share premium represents the excess received in consideration for the issue of shares, over and above the face value of those shares. |
|
11. | FIRST YEAR ADOPTION |
|
There were no adjustments required to any accounting policies of the company, nor to any items in the balance sheet or the income statement, in either this or the previous accounting year in respect of the transition from FRS 105 to FRS 102 Section 1A. |